in japan, the ecb, bank of england, and our fed. we have a very false market which is buoyed by this tremendous amount of money that's been created by nothing, checks for free, and if there's any crack at all anyplace in the world, you're going to see a tailspin that's going to be very unpleasant to be on the plane for that ride. >> many of us, including yourself, art cashin, myself, talk about it's more than that. do you think even with the logic of that distorting the taper, it's a subsidy. i don't care logic or no logic, any form of removal is going to give us more hiccups. agree or disagree? >> no, i totally agree. as a matter of fact, the real number with the rollovers and so forth is about $100 billion a month. also the treasury came out and said that they're going to be cutting the amount of money that they're going to require so that means the fed is even going to be buying a bigger percentage, and it's, as i said a very false market created by all this free money. >> well, mark, i'm going to have to cut you short. thanks fo

no and the bank of england has to step in on a daily basis fixes and make up any shortfall out of the six hundred tons of gold cleared by the o.p.m. c.l. every day and the five thousand tonnes of silver incredible amounts but that's what trades through the b.m.a. every day they step in when people actually have the audacity to offer us their physical this discount the bank availing has to england has to step in and provide that billion on a short term basis well in the bank of england and the treasury and george osborne when they failed to match the books at the end of the day and there's left over doesn't that just get through the search of this nature of these inciting deal doesn't just end up on the debt of the u.k. absolutely and they're going to stroke an electronic check and they're going to pay everyone off and anyone that hasn't got a physical the reason i don't offer trotting is the day that you get settled in cash will be the day gaps up one hundred two hundred three hundred all this. thought right enterovirus thanks so much for being on the class reports always a pleasure.

now the head this all happening ahead of the bank of england monetary policy decisions due thursday. it is not just the fed this week of course. those policymakers in the u.s. will kick off their own two-day meeting tomorrow. take a look across the major european markets now. mixed picture as you can see on your screen and also mixed when we look at the fste adding literally a couple points this morning. france down by a few, germany up by a few. the big mover appears to be italy, down by 0.9 of 1% and smaller moves elsewhere. britain a wpp will be taking over by the omnicom group assuming that is approved as the world's largest ad company. shares adding 1% and wpp up about half a percent. elan trading higher in their home country of ireland after they agreed to be acquired by perrigo. they have been talking details all morning. those shares up 3.8%. >> bring in bob and see what's moving to the downside in this case, bob. >> started at 11:00. this is a little bit of a -- immediately i got top lines of people saying judge say lawyers for hank greenberg should be allowed to depose bern

cable saying that the bank of england are jihadi he's for insisting banks have minimal capital reserves vince. boy as i've searched for use of bank of england are indeed like the taliban but only because they provided the safe haven for their jihadi of banking fraud is trapped on the debt.

the bank of england and all the banks and the u.k. as financial terrorists by creating this term of capital as he hottest but of course he's misapplying about term the banks of course they would need capital reserve requirements to be functioning banks in a free market system you don't want banks involved in ponzi scheme economics like vince cable is proposing like vince cable is perpetrating like vince cable is supporting by saying no we don't want minimum capital requirements for banks we want financial terrorism so things cable now has become financial terrorist number one used to be george osborne but no vince cable your financial terrorist number one you love that right for stealing my material without actually beautician that right there is a copyright violation mark well he's comparing them to tap the taliban capital taliban. so basically here's the bank of england and you can look back for three hundred years of their interest rate policy their money their capital policies are looser than they ever been this is the equivalent

is to say because they are indeed terrorists now vince cable is saying that the bank of england are jihadi for insisting banks have minimum capital reserves vince. old boy as i've said for use the bank of england are indeed like the taliban but only because they provided the safe haven for the jihadi of banking fraud is trapped on the debt pact suicide vests and blew up the entire frickin economy and that same taliban central bank is now papering over the bloody aftermath with little pieces of digital paper that explain more we turn to stacey or when max first of all i did look at jihad and i'm sure the n.s.a. knows i looked it up on google and the definition provided by google was that it's a war a struggle against unbelievers so this is important for the rest of the episode this notion of unbelievers which i think we should return for the west as disbelievers nobody believes their lies and fraud anymore vince cable calls bank of england capital taliban vince cable has stirred tensions within the bank of england by apparently comparing policy makers to the taliban over restrictions

twenty seven three officials from three different central banks so it would be the bank of england and france and germany headed to the u.s. and they urged the u.s. to lower the fed to lower its interest rates and this was very good that they did that this was for the purpose the idea that the fed lowered interest rates in the u.s. the u.s. would be a less favorable place to invest the fed lowered rates in one thousand twenty seven from four to three point five percent and many economists believe that this actually fueled a lot of the speculation right before we saw the great depression you had one of the one of the economists view at that time well there's actually an economist at the federal reserve who said that quote this was in one thousand thirty four the greatest and boldest operation ever undertaken by the federal reserve system and it resulted in one of the most costly errors committed by its or any other banking system in the last seventy five years and many economists do believe that this the fed lowered these interest rates that actually encouraged the speculative finance t

as i've said for years the bank of england are indeed like the taliban.

the bank of england and all the banks and the u.k. as financial terrorists by creating this term of capital g. hottest but of course he's misapplying about term the banks of course they would need capital reserves.

feminists are rejoicing after the bank of england announced the face of jane austin will appear on the 10 pound note. here's mark carney. >> the unintended impression of the churchill decision was the possibility some people were concerned these groups were concerned about the possibility that there would be no women on a notes. we understand those concerns, we listened, and so we brought for the decision and the announcement. >> the photographer was today's guest. the social landscape project is showing at the photography festival until september 22. thank you for joining us. now we are going to play out with work from a german surrealist artist ernst that is being shown in basel. you can follow us on our social networks. thanks for company. >>> welcome to "newsline." it's friday, july 26th. i'm catherine kobayashi in tokyo. >>> investigators are trying to determine the cause of spain's worst rail accident in decades. at least 80 people were killed after the train rounded a curve and jumped off of the tracks. 140 others were injured. police suspect the driver had pished the train well

bank of england r g hardy's for insisting banks minimum capital reserves. the bank of england are indeed like the taliban but only because they provided the safe haven for the. banking fraud strapped on the debt pact suicide vests and blew up the entire frickin economy. and that same job and central bank is no papering over the bloody aftermath of little pieces of digital paper. the u.k. government is opening up a new front in its struggle to deal with illegal immigration violence carrying signs urging immigrants to seek free advice on how to go home to appear on the streets of london and this isn't the first initiative like this the fight against immigration begins beyond britain shuls a previous had written is in campaign aimed to stress the negative parts of life in britain hoping to turn off potential immigrants from the e.u. from november a pilot scheme will see those who do arrive from countries deemed high risk have to pay a three thousand pound bomb to and to britain to be returned only when they leave and here are some questions from the new citize

the bank of england are jihadi for insisting banks have minimal capital reserves. then then this is all boy as i've said for years the bank of england are indeed like the taliban but only because they provided this safe haven for the jihadi of banking fraud who strapped on the debt packed suicide vests and blew up the entire frickin economy and that same taliban central bank is now papering over the bloody aftermath with little pieces of digital paper. are nearly time for the aussie walt update but for now the u.k. government is opening up a new front in its struggle to deal with illegal immigration vans and carrying signs urging immigrants to seek free advice on how to go home to appear on the streets of london and this is not the first initiative like this for example the fight against immigration begins beyond britain's shores previous advertising campaign aimed at stressing the negative parts of life in britain hoping to perhaps ward off potential immigrants to the e.u. from november a pilot scheme to see the need to do a ride from countries are deemed high ris

that the bank of england r g hardy's for insisting banks minimum capital reserves. vince then sven is all boy as i've said for years the bank of england are indeed like the taliban but only because they provided the safe haven for the jihadi of banking fraud who strapped on the debt packed suicide vest and blew up the entire frickin economy. and that same taliban central bank is now papering over the bloody aftermath with little pieces of digital paper. why walled up a time here a nazi straight to spain we go to some devastating seems to show you where at least seventy seven people have been killed on high speed passenger train derailed in the northwest of the country over one hundred thirty others injured some critically it's being labeled one of europe's worst ever rail disasters the crash happened on a curve in the track report suggesting the train could have been moving three highest officials were quick to rule out sabotage or terror. and to iraq where at least twenty two have been killed dozens injured in a spate of attacks and bombings in the deadliest assaul

she has a very long and distinguished career in international finance at the bank of england, at "the washington post," at the times of london and, of course, at the u.s. treasury department where we worked to the a number of years -- together a number of years ago. and importantly, her biography says she was born in washington d.c. like me, that's also true. we have parents of british origin, but unlike me her parents were wise enough to spend enough time in the u.k. that she picked up that wonderful accent and i, unfortunately, did not. but you'll see in a second. so with that, caroline, please join us, thanks. >> thanks very much, matt. yes, it does require a little bit of explanation when i show up as president obama's sherpa and, in fact, the g8 david cameron said i've been wondering who side you're, you know, you're really on. [laughter] anyway, it's a pleasure to be here in this morning, and i wanted just as i was explaining to our russian colleague that i was just meeting with my russian sherpa counterpart, so we concern he said, well, that's why she's not here, and i said she

>> i believe so drk no, oh, stop it. >> doesn't she own the bank of england? >> still, all the lines. >> not a word in edge-wise, and we're 2 # 2 minutes into the show. >> i'll join the show from the set. >> there you go. all-star week, coming up on major leek baseball, but the performance enhancing drug scandal is not going away. big suspensions for the game's most talked about players. fox and friends host is next on that. i speak to 20 major-league baseball players including alex rodriguez, may be suspended after the all-star game because of performance enhancing drugs. they will make these suspensions after the all-star game. speed they are trying to put baseball on the spotlight. they have taken a backseat to the nba playoffs. the ratings are down on television. they want the limelight to be at citi field in queens new york. they do not want to be talking about suspensions. we will be talking about them who are accused of cheating. stuart: you are right. don't you think, though, that the attendance and ratings would come back again if we had guys banging

>> i mean, the ecb is trying to play the same game as the feds did and the bank of england are now, which is to try and manipulate market rate expectations and push yields further out on the euro curve down a bit to extend monetary easing. the problem is, the ecb's mandate is a little more rigid in terms of what they can do. they're walking a fairly tight rope in terms of how much they can guide the market on a forward basis and still stick within their mandates. >> is there a danger of the ecb losing out to fed -- losing control because of -- >> i think clearly the u.s., you know, the u.s. fed is probably still the most important central bank in the world. and europe can try and differentiate itself, but it is hard to complete -- >> everything will be driven by the cost of u.s. money. >> to a significant extent. the fed has set the agenda so far in terms of extraordinary easing and i think it is now doing it in terms of the beginning of the withdraw of that. central banks that think their economic situation is somewhat different are trying to -- trying to influence markets and differenti

your views on this, how much -- we saw last week the ecb and bank of england coming out and talking about rates staying low for a while. are they terrified or how worried are they that the fed will import its monetary policy over here? >> i don't think the feds -- >> the rise and they can't do anything about it. >> that's what they're seeing in the markets. i don't think the fed are intending to do that. but the markets rightly or wrongly are extrapolating what the fed are talking about, assuming the ecb and the bank will do the same thing. i think they have been working incredibly hard to disabuse that motion and we have seen a little bit of a fallback in yields on the european front but not enough. >> where we saw the interest and the reaction immediately after the comments was in the belly of the curve, in the five-year. >> and currency weakened as well, which was helpful. but the u.s. economy is in a re different position. and let's remember, all the fed are talking about is slowing down the rate at which they're adding stimulus. not actually at the moment -- tapering is about -- >> t

money printing to the west bank of england bank of japan and then reserve bank of america is to those economies what oil is to opec and the opec nations because the oil is the socially controlled by the state they don't need people to vote they don't need people to work the people live in a stipend in those countries in america in japan and in the u.k. increasingly people are living on a stipend set by the state who doesn't need them because they can print all the money they want to make themselves as rich as they want just like having an oil well if you pump the oil and you become a sheik and you come to london during the summer to escape the heat in the mideast if you're of j.p. morgan banker or nature's b.c. banker you print trillions of dollars and you live like your sheik at the expense of a thriving economy. and u.s. district judge has ruled that only president obama has the necessary authority to stop the force feeding at the guantanamo bay detention facility now that is after dismissing a request from a syrian prisoner who has asked for the painful practice to be stopped the s

the question, after last week, european central bank, bank of england, that were out there introducing forward guidance and kind of shaking things up in rates and currency mark, carl, whether than involved anything here here, for portugal, greece, will these remain -- i had been on the ladder, the remaining areas of concern for quite some time. >> yeah. i think it's going to go away in the near term. keep an eye dow components, intel one to watch. a downgrade to underweight. price target goes to 20. 12-month price target to 20. talking about earnings not eclipsing $2 for the next several years based on trends we know in the pc world and dell, by the way, getting a pop here on that news. >> yeah. what we know so well, trends, of course, dell one reason why we saw iss in favor because of the continued risk to the business that many see as a result of severe erosion in pc sales. and in that market, that hitting intel. microsoft, for its part, has not been hurt at all by those concerns. in fact, just the opposite of what you might have expected in this period with those shares up so sharpl

ecb, the bank of england, japan, and that push/pull with the fed, how does that play out for equities? we clearly see how it's impacting emerging markets. >> if nothing else it's going to increase volatility. you're at the inflection point in the u.s. yes, i know we're not going to have a new rate cut -- any rate hikes for at least two years, until 2015. we haven't had a rate cut since 2008. that's sort of a secondary issue. the fact that all this extra money has helped push the equity markets higher. the fact that they're draining it. you look at japan, they're basically the qe junkies homeland right now. they're the ones continuing the whole policy. in europe there's very few ways to play it, one of them being reno. >> why reno? >> it's got the stake. exposure there. weakening currency will help them. that's sort of a main program. >> does the strengthening dollar that we've got, is that going to play a part in your -- >> it should help -- it should offset some of the weakness within the eurozone. i wouldn't be surprised if in the u.s. earning numbers you see them shaving a couple c

and the newly installed mark carney at the bank of england they're distancing themselves from bernanke feet because when ben sneezes the entire world convulses not only has a cost of borrowing in the us exploded over the last month but european rates have actually screamed higher at a faster rate and china one of the most important commodity markets in the world and they're in quite the pickle just today the state council announced a major shift in policy after over a decade of building not only potemkin villages but entire potemkin industries they recognize their goose is cooked so that ten percent magical g.d.p. at any cost it's unsustainable think general motors dealer channel stop being written large oh and by the way i'll be talking tesla with justin underhill on today's daily duel so we're going to walk you through it all today so stay tuned for what's in your prime interest.

and the newly installed mark carney at the bank of england they're distancing themselves from bernanke eight because when ben sneezes the entire world convulses not only has a cost of borrowing in the us exploded over the last month but european rates have actually screamed higher at a faster rate and china one of the most important commodity markets in the world and.

the european banks and bank of england said everything right and the markets surged. what does it mean for us and what does it mean for the feds? >> it's going to be supportive for us, just because. number two, i still take the words, data dependent is probably the most important thing right now which means jobs and inflation, those are the two things the feds are looking at and if those are the two things the fed is looking at. it's not tapered tantrums. it's the taper caper. right now we'll continue to see the fed print in the u.s. here, well in the next year. i don't think it's going to change because i can't see that unemployment number coming down fast enough. >> listen, we spiked to the upside immediately after the number and came down and gave up almost 100 points pre-market here and we're all over the place. i mean, is this number enough to move the fed toward tapering? >> i don't think so. bah us we're looking at inflation or the unemployment rate and that is 7 1/2%. they're looking at 6 1/2%, we have more of a chance of deflation in this country than inflati

economists expecting around 160,000, and all of that is both the ecb and the bank of england yesterday offered forward guidance breaking with the tradition saying that record low interest rates will be maintained for a prolonged period. part of it is almost hard to separate what is going on with us today, because of what draghi said yesterday. >> all part of the same story, because the ecb and the bank of england came out to say that when the yields in the u.s. jumps, it sets rates along other developed markets and they have had to deal, and image anyone the position of europe and britain and not only as strong an economy as the u.s., but you have to deal with the higher rates as a result of it, and they are trying to push back against it. i will quote citi because this will give you a sense, they say that a positive response today is more likely to unwind the currency blocs and replicate and this is important because we are are seeing it, replicate the mid-june forward and we saw bond flow redemptions and the yields higher and people worrying about the emerging markets, and that patte

michelle was talking about this, the bank of england saying -- coming out with a statement they didn't do anything. we hardly get a statement where they don't do anything. but this statement said the implied rise in expected future profit of bank rate is not warranted by the developments in the economy. in other words, ecb has also said, never precommitting, but came out and expected rates to remain at present or low levels for an extended period of time. never said that before. didn't know what an extended period of time means, but not six or 12 months. still not sure if that means it is three months or 15 months. but anyway, that was the comment from the ecb. certainly lifted the equity markets. dax up 2%. today, little more caution after the big rises. we have employment report, the ftse 100 up .6. the portuguese government has come out and said we had talks with our coalition partners, we think we'll be okay. don't think there will be any more resignations, but yields still elevate and above 7%. on the 7% mark at the moment of portuguese yields. push it on to the debt market, we'll

bank of england found their independence on the fourth of july. during the press conference, jeff pressed mario draghi on forward guidance. >> you were meeting another central bank in london was also having a meeting of its policy members. and in a break with previous tradition, we had a very clear forward guidance from mr. carney, the new governor. i wonder if because the bank of england has now changed its style on guidance it's time for the european central bank to also step forward with a new policy on guidance? it's clear from mr. carney's comments in the market reaction that he's moved the gilt market, moved the sterling curve. is it time that you put aside the precommit barrier to more detailed and specific forward guidance? >> thank you. if you ask this question, you haven't really listened to my statement. the -- >> sounds a lot like the statement i listened to when i was here in june. >> that's why i said you haven't listened carefully. the counsel took the unprecedented step to give forward guidance in a rather more specific way than it

the bank of england did the same. they rallied and led by london climbing more than 3%. markets in the u.s. were closed for the independent day holiday. let's look at how the stocks in japan are kicking off. now there is a lot of focus on the upcoming u.s. jobs report later today. what can you tell us at the tokyo open? >> good morning. looking at a possible start this morning, here are the opening levels for friday, july 5th. let's get those numbers up. the nikkei is up 1.18% at points. they closed just slightly above 14,000 on thursday. the top 60ix is up 0.9%. they are keeping an eye on whether the unemployment rate will drop from 7.6% posted in may, in other words many want to find out if the american labor market is approaching the 7% goal the u.s. federal reserve is targeting and they stopped the purchasing program. the job market report will get clues to when the fed will start reducing the support for the u.s. economy. let's have a look at currency starting with euro-yen. the euro is weaker against other major currencies. they are trading at 129.27-32 compared to

a pole dancer you could indeed be a mark carney the new head of the bank of england as a sort of pole dancer enticing you to take with cash remains in your pocket and stuff it in the collective g.-string of the banking system only in this case what that g.-string wearing financial system flashes back to you in exchange for your hard earned cash is a lot be don't be don't believe bottom to toxic capital market that let's face it isn't really all that appealing to look at know best you close your eyes stacey. yes max you know mark carney we gave him two days before we started talking about him because he started this week at the bank of england and of course the reason why he was brought in is not only because mervyn king was leaving but the sense is that he's going to rescue the financial system that collapsed along with lehman brothers back in two thousand and eight now lehman brothers dick fuld.

a pole dancer and you could indeed be a mark carney the new head of the bank of england as a sort of pole dancer enticing you to take would cash remains in your pocket and stuff it in the collective g.-string of the banking system only in this case what that g.-string wearing financial system flashes back to you in exchange for your hard earned cash is a be don't be don't believe bottom to toxic capital market that let's face it.

. >>> now let's see how european markets are reacting to the announcement by the ecb and bank of england. looks like a rally in the stock market. london's ftse gaining by 2.76%. the dax ip almost 2% and the cac40 in paris up almost 2.2%. turning to currencies. the yur plunged more than 0.6% against the dollar after draghi's news conference. taking a look at the euro/yen, $/yen at 100 to .04 to .05. the governor likes what he sees. karodu says the program of pumping money into the system is having a positive impact and will pull the country out of deflation. he spoke at a meeting of the bank's 32 branch managers. he says the economy is picking up. he expects domestic demand to grow as a result of the bank's monetary easing measures and the government's stimulus efforts. the boj chief says the economy is heading for a moderate recovery as countries outside japan also post growth. he says the central bank's bond buying program has let businesses and consumers to expect prices will rise. >>> tourism officials say more and more travelers are visiting japan. more business leaders have started

the bank of england decision. for the time being, i'll send it back to you. >> we'll check in with you in a bit. let's return to the stories on markets, portugal in particular, ten-year yield now 7.2%. the retreat about 100 on basis points in the 24-hour period. significant improvement about the way investors are feeling around borrowing costs in portugal. joining us is laurent franzlo from barclay's. we saw that spike in yields yesterday, an extraordinary move across the curve. why do you think investors have reversed positions so quickly in such a short time frame now? >> the question is whether investors have really reversed positions or not. let's keep in mind in particular portugal -- portugal and greece are very small markets, very fairly ill liquid markets especially in terms of prizes. so it is not that there is a lot of volume that is going through at these levels. that's why you've got jumps up and down of 30, 50 basis points on a daily basis. so clearly there is more reprising of the risk premium on por

a pole dancer and you could indeed be a mark carney the new head of the bank of england as a sort of pull down sir enticing you to take would.

more comments out from the bank of england as well. they say corporate loan demand is on the rise. demand for credit from business in the uk up in the second quarter expected to increase again in the third. this is a bank of england, they say the credit conditions that demand for credit of all sizes up to april in june. companies wanted credit to fund mergers and acquisitions and restructure their balance sheets. they say the rise in demand is matched by an increase in supply of loans and supply of loans is expected to remain broadly stable between july and september despite government efforts to spur greater lending to small businesses. david owen is with us. quick view on that survey, david? >> all very encouraging. corporate loan growth is picking up. i would hasten to add it is skewed toward larger companies. that's more of a large cap company issue. the end of the day, it is the s&p that we want to see more traction in the early days. they catch more types of -- the way companies at that end of the food chain actually get financing through factory and invoicing and so forth. w

p, bank of england making policy changes or maybe not making policy changes. we have our unemployment report coming on friday. earnings season is coming up. something like egypt which is a very big deal however, it is just creating people, atmosphere of where people just want to get out, want to get out of the market all together. not interested in a gentle upward flow we've seen in the early part of the day. david: paul, it is true we have these big important numbers on friday, the june employment numbers but what is moving the market more now? is it concern about the numbers or is it concern about fed tapering? >> i think investors have overreacted to the fed's remarks earlier this month. this fed is not going to do anything dramatic. in fact, this is going to be a reactive tapering policy. meaning, that, as real economic growth goes up, they're going to taper a little bit to offset and to start winding down their -- david: what you're saying is that the fed tapering concerns is weighing more heavily on the market but the market's wrong in letting that happe

we have now mark carney he's taken over the bank of england from urban tang he comes in from the bank of canada he's being lauded here in the u.k. as a savior as a rock star of economics as almost a jesus like figure who will save everyone in the u.k. and europe your thoughts jim rogers. mags go back and look at every time somebody has been appointed sure the head of the central bank in the past when you third year they're always brought in is rock star when thank you was a rock star greenspan was a brock neither one of these guys had a clue what was going on i got it wrong over and over and over again but every time they break them in the press because of the government p.r. these guys are geniuses and they're going to study but unfortunately unfortunate for all of us is rock stars and turned out to be men with clay and they haven't known what they're doing and they're going to lead us all into a series they are leading us into a serious serious problem well so they're kind of yes then he will print money just like everybody else that's not a that's not going to save us right now see

but if you look at the european central bank and the bank england they have eight-year terms. >> charlie: you can't serve more than eight years. >> yes. i think one of the best things that bernanke... we'll see if he actually walks away. but if he walks away i think it will be a very positive development for the institution to put it on a path where you don't expect the whole place to rest on the shoulders of one person, that you have regular cycles of people. >> that was one of his goals coming in was to depersonalize the fed. to sort of get away from the maestro mentality that it was a singling person, chairman doing everything to build up the institution. so you thought about fed policy as opposed to the policy of the chairman. one thing i would say is that it does seem like the fed is a pretty well functioning institution now. there's a reasonable degree of harmony. i personally think there's a deep bench. i think there's a number of qualified people who have been there right next to bernanke working along throughout the crisis. even though i'm biased i think still he's the best poss

according to the bank of england. that's not -- the dollar index is currently up near 4-week highs. we're getting back slowly towards that 100 level eurodollar pretty steady at around 130.26. >>> still to come, the recent slide in japanese equities dropped to levels where it is now time to reinvest. that's the chosen strategy for our next guest. the nikkei today back over the 14,000 level. second hour of worldwide exchange coming up right after this. >>> you're watching "worldwide exchange." i'm ross westgate. your headlines from around the globe. make sure the voices of all egyptians are heard. responding to a demonstrations through a political process. this as egypt's foreign minister resigns. >>> greece wants to get its house in order. the finance minister quits as he admits he lost public support for his austerity plan. >>> in italy, mario monti threatens to withdraw from the coalition amidst the slow pace of reforms. >>> the world's biggest pension plan in japan posted highest annual profit ever, $112 billion. th

what will be key is what happens at the end of the week with the bank of england and the ecb meetings on thursday and the jobs report coming out on friday. back to you. >> big week, actually, for meetings and data, even though it is a holiday-shortened one. sharon, thank you. we're in the final stretch of trading, about 50 minutes before the closing bell sounds on this first day of the second half of the year. the dow kicking off, up 121 points right now. s&p 500 also stronger. >>> coming up on "closing bell," is ben bernanke and the fed giving the consumer too much credit? somebody here is warning just that, and it could have disastrous consequences. the debate coming. >>> also, groupon. you know, you love the deal that comes in your e-mail. but should the stock be the target of your affection, as well? we'll look at that. >>> plus, just when you thought the duel was done, carl icahn is back again, this time with $5 billion in hand. he'll explain his latest move coming up to maria exclusively. >> yeah, we want to take you live to egypt, get you the latest on the protesting going on.

many believe with ecb and bank of england meetings closed on thursday and friday jobs numbers on our sides, volume tilts will remain high. if you don't believe me, look at the straddles for the treasury complex that go off on friday. they are running a definite rich. look at ten minus two spread and talking about speechning, a little less than two years, want to pay attention to that, but maybe the most important chart, a little over a three-year high on the zone. trading our tens versus european tens in the mid to upper 70s. sue, back to you. >> thank you very much, rick. appreciate it. you're up to date on the interest rate curve and the bond market. >>> last week "power lunch" first told you about a second wrongful death lawsuit against energy drink-maker monster beverage. the family of a 19-year-old filed that suit and an earlier suit was filed by the family of a 14-year-old girl. monster trades at the nasdaq, as you know. the stock is down since last year when word emerged lawsuits were possible, but the stock is actually up 8% just in the last week. last week we had one of the

ecb and bank of england reporting to be a big day. you'll be watching your screens. back to you, carl. >> okay. thanks a lot, rick. rick santelli. a list of the highest paid ceos is out. we'll tell you who is on top and who is sliding in the ranks. first, pharmaceuticals returns to wall street. mark trudeau will visit us with his prescription for the growing spinoff. we'll be right back. [ female announcer ] doctors trust calcium plus vitamin d to support strong bones. and the brand most recommended by... my doctor. my gynecologist. my pharmacist. citracal. citracal. [ female announcer ] you trust your doctor. doctors trust citracal. [ whirring ] [ dog barks ] i want to treat more dogs. ♪ our business needs more cases. [ male announcer ] where do you want to take your business? i need help selling art. [ male announcer ] from broadband to web hosting to mobile apps, small business solutions from at&t have the security you need to get you there. call us. we can show you how at&t solutions can help you do what you do... even better. ♪ ♪ [ male announcer ] the par

mark carney has just taken over as bank of england governor. uk pmis for manufacturing, 52.5, much strong eer than expected. we also saw mortgage approvals coming in at highest levels since 2009. continuing strength in the uk economy. now, we have known that mervin king has been voting for more qe. well, i doubt mr. carney's going to vote for that this week because he would be outvoted if indeed that was the case. xetra dax up half a point with the ibex up about a percent. we also saw manufacturing pmis for the eurozone tick higher, 48.8 in june. the flash was 48.7, a bit better than expected. spain stabilized. italy still contracting with 23 months in a row but still the highest level since july 2011. just to show you where we've been on the performance over the half year, not quite as good as what we've seen in the united states. the ftse up 6% for the year. so far the dax up 5%. the ibex down 4%. the cac up 3.5% for the first half. break that down to sectors today. and this is how we're weighted. you see certainly weighted to the upside. the

the bank of england. expectations are pretty high that the former head of the canadian central bank can turn around the british economy. ♪ >> reporter: today a canadian is going to become one of britain's most powerful men. after 319 years, the bank of england governor is going to be a foreigner, mark carney. like his hero, ice hockey legend wayne gretzky, carney has been billed as the great one, even the best central banker in a generation. but with uk growth stunted and banks still in turmoil, the incoming governor will have to put his game face on to thaw the ice. ever since the chancellor chose mark carney as the new bank of england governor, he's been seen as the ultimate dove, happy to use and perhaps overuse, even if it makes us all feel a little bit too sick. back home in canada, the gloss has started to come off a bit. with the housing bubble caused by low interest rates and too much lick wis i had, the oecd have said that canada's housing is the third most overvalued in the whole developed wor